Rabigh 2 Solar Project Reaches $220M Financial Close, Marking Major Milestone

Aljomaih Energy and Water Company (Saudi Arabia) and TotalEnergies Renewables (France) have successfully achieved financial close for the 300 MW Rabigh 2 Solar IPP project.

The total investment for the project amounts to SAR 825 million, equivalent to around USD 220 million.

In December 2024, the consortium entered into a 25-year Power Purchase Agreement (PPA) with the Saudi Power Procurement Company (SPPC) for the Rabigh 2 solar project.

Rabigh 2 is part of Round 5 of the NREP, under the supervision of the Ministry of Energy.

The NREP aims to:

·         Achieve a balanced power mix with 50% contribution from renewable energy and natural gas by 2030.

·         Reduce reliance on liquid fuels in electricity generation.

·         Support Saudi Vision 2030 sustainability goals.

The Aljomaih–TotalEnergies consortium will develop, construct, own, and operate the solar plant, with grid connection expected by 2026.